South Korea's exports are projected to decline by around 3 percent from a year earlier in the third quarter, as the United States' aggressive tariff scheme begins to affect global trade and industry, the state-run Export-Import Bank of Korea said on Monday.
Outbound shipments for the July-September period are expected to reach around US$167 billion, down about 3 percent from the same period last year, according to the bank's overseas economic research institute, reports Yonhap news agency.
Last week, Seoul and Washington announced a long-awaited tariff agreement under which the U.S. will impose a 15 percent tariff on South Korean imports, against the initially threatened 25 percent, in exchange for South Korea's investment of $350 billion in the U.S.
"The impact of U.S. tariffs is expected to become more pronounced in the second half. Although the two countries have reached a tariff agreement, future changes in the trade environment could either mitigate or worsen the decline in exports," a bank official said.
During the second quarter of 2025, exports totaled $175.2 billion, up 2.1 percent from the same period last year and 9.8 percent from the previous quarter, government data showed.
The state-run trade promotion agency said on Monday it has launched a consulting program for small and medium-sized businesses to help them develop trade strategies following the recent trade deal between Seoul and Washington.
Last week, South Korea struck a trade agreement with the United States under which Washington began imposing 15 percent tariffs on South Korean goods, down from the initially proposed 25 percent. The reciprocal tariffs went into effect Friday (U.S. time).
The Korea Trade-Investment Promotion Agency (KOTRA) said customs and trade experts began operating consulting desks at its headquarters in southern Seoul on Friday to help small exporters set up business strategies under the new South Korea-U.S. trade deal.
"With the reciprocal tariff rate confirmed at 15 percent, it has become necessary for exporters to devise full-fledged countermeasures," KOTRA President Kang Kyung-sung said.
The agency said its separate hotline, launched in February, has offered 6,023 consulting sessions as of Friday.
KOTRA added that it will also offer on-site consulting programs to exporters in 12 major regions nationwide through September to bolster their preparedness for tariff-related challenges.
(With inputs from IANS)
